LOUISVILLE, Ky. — Cryptocurrencies are entering the mainstream, surging as their total value has reached $2.5 trillion. After a decade of making coffee, Andrew Lutes had an idea to combine his passion with the future of money.
What You Need To Know
- Dogebeans Coffee is now accepting cryptocurrency as a form of payment
- Cryptocurrency’s total value has eclipsed $2.5 trillion
- A recent Crypto Confidence Survey found nearly 61% of Americans may buy into cryptocurrency in 2022
- Dogebeans is one of the only coffee shops in the U.S. accepting crypto as a payment
Dogebeans Coffee, formally known as 78 Coffee Co. closed their doors due to the pandemic in 2020 to focus on their coffee bean roasting.
After discovering their new idea, the shop rebranded and opened their doors once again – this time as Dogebeans Coffee.
“I got personally into cryptocurrency and Dogecoin in particular. And I had a lot of Dogecoin and I wanted to be able to spend it on something I liked and obviously the thing I like the most is coffee,” said Andrew Lutes, co-owner of Dogebeans Coffee.
That’s when Dogebeans Coffee was created. Lutes’ goal was to be one of the only coffee shops in the country to accept crypto for purchases.
Dogebeans Coffee art done by co-owner Andrew Lutes. (Spectrum News 1/Erin Wilson)
“A lot of times, those service providers charge businesses anywhere from 2-6% on every transaction, and that percentage is huge for some businesses. So crypto allows you to be able to keep more on your margins,” Lutes said.
Of course with cryptocurrencies like Bitcoin and Dogecoin, there is a chance of price volatility, but Lutes said he isn’t concerned about the price fluctuations.
“For us, as crypto is being adopted more, you’re not seeing as many crypto payments right away so it allows us to be able to hang onto it and see what happens with it,” Lutes said.
A Crypto Confidence Survey found nearly 61% of Americans may buy crypto in 2022, up from 27% in 2021.
Lutes said there’s no need to worry about cash or cards when at Dogebeans. It’s as easy as scanning a QR code.
“We have positioned ourselves as a coffee shop where you can come and spend the crypto that you have and use it like any other day-to-day currency, and we are not immediately converting it back to US dollars,” Lutes said. “We are participating in the ecosystem.”
Lutes hopes to partner with other shops and businesses around Louisville who are also incorporating crypto.
Dogebeans Coffee is open Monday through Friday 9 a.m. – 4 p.m. and Saturday from 9 a.m. – noon.